Isolated illustration of a house surfing downwards on a declining graph

Home Prices and Auction Numbers Continue to Slide

If you were hoping May might bring an end to Australia’s property woes, you’ll need to keep hoping.

The rate of decline which began in Sydney and Melbourne at the end of 2017 may be slowing. But it shows little sign of reversing. And it’s since spread to every capital city across Australia.

The weekend just passed saw the amount of homes under auction increased compared to the weekend prior, however, compared to a year ago, the numbers remained low.

On Monday CoreLogic released their initial count, stating 1,472 dwellings went to auction across the nation’s capital cities last week. This was an increase of 446 juxtaposed to the week prior. However, the amount of properties has fallen by 2,311 from this time last year.

Auction clearance results across the country were up at 58.8%. Compared to the prior week’s 50.4%. While this week’s results are early, CoreLogic has warned that by the final clearance rate, due on Thursday, the results could end up in ‘the low 50 per cent range’.

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Auction clearances keep falling

The initial figures showed 60.8% of dwellings on auction over the weekend in Melbourne were sold based on the confirmed results of 521 auctions observed by CoreLogic, while 157 auction results weren’t recorded, the Australian Associated Press reports.

Auctions held in Melbourne over the weekend stood at 678, a massive decrease from the 1,144 held this time last year.

66.6% of properties taken to auction in Sydney last week sold based on the 326 auctions observed by CoreLogic. 209 results were not recorded.

In Brisbane, only 28.3% of dwellings taken to auction last week sold based on the monitored results of 46 auctions by CoreLogic. 44 auction results were not included.

In the week to 5 May, there were fewer auctions across all capital cities compared to this time last year, the research firm said.

In Sydney, homes values fell 0.3% and for Melbourne and Brisbane that figure was slightly less at 0.2%, according to CoreLogic’s weekly summary.

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Alana Sumic

Alana Sumic

Alana Sumic is an editor and writer for The Australian Tribune. She has a Bachelor of Arts from La Trobe University and a Masters in Publishing and Editing from Monash University.

She specialises in national and international politics and current affairs. She’s passionate about delivering the unfiltered stories that matter to you, on all topics.

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